DekaBank Deutsche Girozentrale Decreases Stock Position in Paylocity Holding Co. (NASDAQ:PCTY)

DekaBank Deutsche Girozentrale decreased its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 41.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,366 shares of the software maker's stock after selling 4,534 shares during the quarter. DekaBank Deutsche Girozentrale's holdings in Paylocity were worth $1,062,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Liontrust Investment Partners LLP bought a new position in Paylocity during the third quarter valued at $90,181,000. Norges Bank bought a new position in Paylocity during the fourth quarter valued at $86,063,000. Invesco Ltd. lifted its position in Paylocity by 20.7% during the first quarter. Invesco Ltd. now owns 1,382,116 shares of the software maker's stock valued at $284,399,000 after purchasing an additional 236,876 shares during the last quarter. Man Group plc raised its stake in shares of Paylocity by 1,749.5% in the fourth quarter. Man Group plc now owns 187,721 shares of the software maker's stock valued at $36,467,000 after acquiring an additional 177,571 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Paylocity by 70.1% in the first quarter. Renaissance Technologies LLC now owns 412,000 shares of the software maker's stock valued at $81,897,000 after acquiring an additional 169,800 shares during the period. Institutional investors own 94.76% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on PCTY. Truist Financial reduced their target price on shares of Paylocity from $250.00 to $200.00 and set a "buy" rating on the stock in a research note on Friday, February 9th. Piper Sandler increased their target price on shares of Paylocity from $207.00 to $210.00 and gave the company an "overweight" rating in a research note on Friday, February 9th. Mizuho reduced their target price on shares of Paylocity from $170.00 to $155.00 and set a "neutral" rating on the stock in a research note on Friday, February 9th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $180.00 price target (down previously from $240.00) on shares of Paylocity in a research note on Friday, January 5th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $250.00 price target on shares of Paylocity in a research note on Monday, January 22nd. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Paylocity presently has a consensus rating of "Moderate Buy" and an average target price of $205.13.

Paylocity Price Performance

NASDAQ PCTY traded down $4.11 during trading on Monday, reaching $163.96. 237,584 shares of the company's stock traded hands, compared to its average volume of 468,555. The firm has a market cap of $9.24 billion, a price-to-earnings ratio of 56.78, a price-to-earnings-growth ratio of 3.64 and a beta of 0.87. The company's 50 day simple moving average is $169.44 and its two-hundred day simple moving average is $166.94. Paylocity Holding Co. has a 12-month low of $139.40 and a 12-month high of $230.52.

Paylocity (NASDAQ:PCTY - Get Free Report) last released its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.08. Paylocity had a net margin of 12.96% and a return on equity of 21.37%. The business had revenue of $326.36 million for the quarter, compared to analysts' expectations of $324.34 million. Research analysts expect that Paylocity Holding Co. will post 3.48 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Steven R. Beauchamp sold 7,760 shares of the firm's stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $166.95, for a total value of $1,295,532.00. Following the sale, the chief executive officer now directly owns 1,746,468 shares in the company, valued at approximately $291,572,832.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Steven R. Beauchamp sold 7,760 shares of Paylocity stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $166.95, for a total value of $1,295,532.00. Following the completion of the sale, the chief executive officer now directly owns 1,746,468 shares in the company, valued at approximately $291,572,832.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven I. Sarowitz sold 24,504 shares of the business's stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the sale, the director now directly owns 9,587,872 shares in the company, valued at approximately $1,682,383,899.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,547 shares of company stock worth $9,356,359. Corporate insiders own 22.50% of the company's stock.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.